Feb 14, 2023
By: Rahul VermaDVECK is an electric conversion kit that can convert any cycle into a motor and battery-powered electric cycle.
Credit: DVECK-Instagram
Singh invented DVECK to upgrade bicycles to make them more accessible.
Credit: DVECK-Instagram
Singh asked for 100 hours of shark's time in exchange for 0.5 percent equity to revolutionize bicycles.
Credit: DVECK-Instagram
Singh received offers from investors like Peyush Bansal, co-founder of Lenskart, Aman Gupta, co-founder of Boat, and Anupam Mittal, founder of Shaadi.com, after demonstrating the product in a video.
Credit: DVECK-Instagram
The manufacturing cost of the base model of DVECK is ₹9,000, made of aircraft-grade aluminum, and can be installed in just 20 minutes.
Credit: DVECK-Instagram
DVECK's unique selling point is its pedal charging capability that charges the battery through pedaling, making it endless.
Credit: DVECK-Instagram
Singh plans to launch DVECK in the market by April 2023, after testing the product to his satisfaction and improving certain features.
Credit: DVECK-Instagram
All three sharks, Anupam Mittal, Peyush Bansal, and Aman Gupta agreed to give 100 hours for 0.5 percent equity to help Singh launch DVECK in the market, with the condition that Singh must raise ₹1 crore.
Credit: DVECK-Instagram
Bansal offered Singh to work on DVECK in Bansal's factory in Bhiwadi for another year and a half for free, and once the product is completely ready, Bansal and Gupta will provide the first funding.
Credit: DVECK-Instagram